FinCEN Eliminates BOI Reporting for Domestic Entities

On March 21, 2025, the Financial Crimes Enforcement Network (FinCEN) announced that it is issuing an interim final rule that removes the requirement for U.S. companies and U.S. persons to report beneficial owner information (BOI) to FinCEN under the Corporate Transparency Act.

The interim final rule revises the definition of “reporting company” to mean only those entities that are formed under the law of a foreign country and that have registered to do business in the United States.